The Hanoitimes - The sanctions leave direct impact on North Korean economy shown through a sharp decline in exports last year. What are visions for the denuclearization after second no-deal summit? The failure of the second Trump-Kim summit in Hanoi suggests sanctions remain a big issue between the US and North Korea, foreign media quoted international experts as saying. The UN Security Council votes to adopt a resolution imposing sanctions against North Korea. Photo: Getty Images North Korean nuclear negotiator Kim Yong Chol told Secretary of State Mike Pompeo in May 2018 that Pyongyang’s shift away from weapons was “not a result of sanctions that have been imposed from outside.” But in July 2018, Seoul-based Bank of Korea estimated the North Korean economy had seen its biggest decline in two decades, with the country’s real annual gross domestic product (GDP) falling by 3.5% in 2017 while exports declined 37.2% in 2017 alone. … [Read more...] about How much do US-led sanctions hurt North Korea economy?
North korea economy
SEOUL: North Korea has warned the United States it will "seriously" consider returning to a state policy aimed at building nuclear weapons if Washington does not end tough economic sanctions against the impoverished regime. This undated picture released from North Korea's official Korean Central News Agency (KCNA) on Nov 1, 2018 shows North Korean leader Kim Jong-Un inspecting the construction site of the Hot Spring Tourist Area in Yangdok County, South Phyongan Province. (KCNA VIA KNS/AFP) For years, the North had pursued a "byungjin" policy of simultaneously developing its nuclear capabilities alongside the economy. In April, citing a "fresh climate of detente and peace" on the peninsula, North Korean leader Kim Jong Un declared the nuclear quest complete and said his country would focus on "socialist economic construction". But a statement issued by the North's foreign ministry said Pyongyang could revert to its former policy if the US does not change its stance over … [Read more...] about North Korea warns of returning to nuclear policy
North Korea intends to abolish all nuclear weapons, South saysThe Saigon Times Daily South Korean President Moon Jae-in shakes hands with North Korean leader Kim Jong Un after watching the performance titled "the Glorious Country" at the May Day Stadium in Pyongyang, North Korea, September 19, 2018 – PHOTO: REUTERS SEOUL (REUTERS) - North Korean leader Kim Jong Un intends to abolish all nuclear weapons, materials and facilities to achieve “complete” denuclearization, South Korean President Moon Jae-in, who held his third summit with Kim last month, said on Friday. Kim and U.S. President Donald Trump pledged to work towards denuclearisation at their landmark June summit in Singapore, but the agreement was short on specifics. Negotiations have made little headway since, with the North refusing to declare its nuclear weapons and facilities or agree to a concrete timeline. Moon emphasised Kim’s resolve to abandon nuclear and missile programmes, that the … [Read more...] about North Korea intends to abolish all nuclear weapons, South says
Pompeo pledges coordination with Japan in North Korea talks, to raise abduction issueThe Saigon Times Daily U.S. Secretary of State Mike Pompeo shakes hands with Japanese Prime Minister Shinzo Abe at Abe's office in Tokyo, Japan October 6, 2018 – PHOTO: REUTERS TOKYO (REUTERS) - U.S. Secretary of State Mike Pompeo said on Saturday he would coordinate closely with Japan during denuclearization talks with North Korea and promised to raise the issue of the abductions of Japanese citizens in his meetings in Pyongyang. “We will have a fully coordinated, unified view of how to proceed, which will be what is needed if it is going to be successful in denuclearising North Korea,” Pompeo told Japanese Prime Minister Shinzo Abe in Tokyo. “We will bring up the issue of the abductees as well,” he said. Abe thanked Pompeo, who arrived in Tokyo on Saturday, for coming to Japan before he meets North Korea’s leader Kim Jong Un on Sunday. Pompeo also said … [Read more...] about Pompeo pledges coordination with Japan in North Korea talks, to raise abduction issue
Trump cancels Pompeo's trip to North Korea over stalled nuclear diplomacy The Saigon Times Daily U.S. Secretary of State Mike Pompeo waves to the media before his meeting with Egyptian Foreign Minister Sameh Shoukry at the State Department in Washington, U.S., August 8, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - U.S. President Donald Trump abruptly cancelled his top diplomat’s planned trip to North Korea on Friday, publicly acknowledging for the first time that his effort to get Pyongyang to denuclearize had stalled since his summit with the North’s leader. Trump partly blamed China for the lack of progress with North Korea and suggested that talks with Pyongyang, led so far by Secretary of State Mike Pompeo, could be on hold until after Washington resolved its bitter trade dispute with Beijing. It was a dramatic shift of tone for Trump, who had previously hailed his June 12 summit with North Korean leader Kim Jong Un as a success and said the North Korean … [Read more...] about Trump cancels Pompeo’s trip to North Korea over stalled nuclear diplomacy